Raising the bar: Home country efforts to regulate foreign investment for sustainable development. November 12-13, 2014 Columbia University PROGRAM

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1 Raising the bar: Home country efforts to regulate foreign investment for sustainable development November 12-13, 2014 Columbia University PROGRAM With support from:

2 What role should home countries play in monitoring or regulating the activities of companies operating abroad, particularly to facilitate sustainable development outcomes? Policies and regulations that govern foreign direct investment help shape whether such investment supports sustainable development in recipient countries. Yet host countries have primary responsibility for regulating foreign investment within their territories, and traditional efforts to ensure that foreign investment contributes to development and avoids social and environmental harms have focused on the actions of host countries, with less attention paid to the role of home countries. Indeed, home country regulations that extend extraterritorially can be controversial, and home countries forays into this area have been varied. Over the years, however, home countries have proven willing to exercise certain powers extraterritorially, and have implemented a number of measures to monitor or regulate overseas conduct. These measures have been buttressed by a growing debate over home countries obligations and responsibilities, a mounting desire to see greater coherency on the part of home state policies and actions, and increased interest in the potential of such measures to address continued governance gaps. As home countries increasingly turn to regulations with extraterritorial implications, and in light of the fierce debate surrounding them, the time is ripe for a deeper examination of home country efforts to monitor or regulate foreign investment for sustainable development. This conference brings together stakeholders representing policymakers, the private sector, academia and civil society to discuss the reasons for and against home country regulations, the lessons learned from past and current attempts, the implications for the private sector and affected communities, and what further efforts may be useful or necessary to regulate investment for sustainable development. Examining these issues is crucial to understanding what future regulation of international economic activity will look like, who will be responsible for writing and enforcing the rules, and what that means for businesses, governments, citizens and other stakeholders. The conference will commence with a panel that provides context on the issue of home country measures, exploring the ways in which home countries assist their firms in undertaking foreign investment, and whether countries have legal or moral obligations to regulate the extraterritorial conduct of their nationals. The second panel will examine the unilateral efforts that home countries have taken to regulate or monitor foreign investment, as well as the challenges that investors confront in complying with these measures. Following the discussion of unilateral efforts, the third panel will turn to the successes and failures of multilateral efforts to regulate foreign investors, as well as the benefits and drawbacks of such initiatives compared to unilateral ones. To conclude, the final panel will consider what needs to be done to ensure more coordinated and effective home country measures to foster foreign direct investment that promotes sustainable development, as well as how such measures compare with or could be supplemented by multi-stakeholder initiatives. November 12, 2014, Wednesday 8:30 9:00 Breakfast and registration 9:00 9:15 Opening remarks 9:15 12:30 Session I: Setting the scene: Home country support and home country responsibilities Developed countries have traditionally helped their firms undertake foreign direct investment (FDI); emerging markets are increasingly doing the same. Such home country assistance includes, among others, financial and fiscal support, investment treaty protections, political risk insurance, diplomatic support, and official development assistance tied to particular projects. 1 Home countries thus play an 1 Some of these home country support measures resemble variations of the incentives offered by host countries to attract FDI, the topic of last year s Columbia International Investment Conference. 2

3 important but often overlooked role in the global economy, using a diverse array of tools to facilitate and shape international investment by their companies. Against the backdrop of home country support to their investors, there has been a growing dialogue over whether home countries have obligations or responsibilities to monitor or regulate the activities of companies operating abroad. In terms of legal obligations, some legal experts have argued that home country governments have obligations under international law that extend beyond their borders, particularly when it comes to human rights obligations. 2 While not everyone agrees that governments have extraterritorial obligations, particularly in respect of regulating the activities of non-state actors like private companies, there are also increasing pressures on home countries to take steps on account of moral duty, the desire for greater coherency of governmental policies and actions, and perceptions of potential political or economic self-interest. These steps would not be out of character for many home countries, which have proven willing to exercise some level of extraterritorial power in regulating overseas conduct in certain areas, for example, by criminalizing bribery of foreign officials or enforcing antitrust standards for conduct in other territories. This panel sets the scene for the conference by focusing on the role of home countries in promoting responsible outward investment and overseas investor conduct. The panel will thus consider how home countries support and facilitate FDI by their nationals, the legal and non-legal arguments for why home countries could or should regulate the conduct of those outward investors and other companies resident in their jurisdictions, and whether there is a need for more coherent home country policies and actions. This first panel reviews: - Why and in which ways do home countries provide support to their outward investors? How does such support differ between types of investors, for example, domestic firms, state-owned enterprises and sovereign investors? - What types of support are contingent on investors meeting certain standards on responsible business conduct, and which types of support are provided without such requirements? - Given global consensus on the need to advance sustainable development, should home countries do more to monitor or regulate their nationals that are investing abroad to address their development impact? For example, should the availability of home country support for outward investors be linked to certain conditions regarding the impact of their investments on host and home countries? Would this help create greater coherency between home country policies in support of sustainable development and in support of outward investment? - Should some of the same norms that apply to companies in their home countries be imposed when they invest abroad? What sort of enforcement mechanisms might be used? What obstacles might arise when regulations conflict? - To what extent and how does international law create obligations on home countries to regulate the extraterritorial conduct of their nationals? How might the growing legal debate on extraterritorial rights obligations influence how home countries support or regulate their outward investors or other companies resident in their jurisdictions? 12:30 14:00 Lunch 2 For example, in 2011, a group of 40 international legal experts adopted the Maastricht Principles on Extraterritorial Obligations of States in the area of Economic, Social and Cultural Rights, which seek to codify existing international human rights law that addresses extraterritoriality, and which state that countries have certain extraterritorial obligations, including an obligation to regulate non-state actors such as companies, to ensure that they do not nullify or impair the enjoyment of rights. 3

4 14:00 17:30 Session II: Unilateral home country efforts to monitor or regulate foreign investment In response to the pressures discussed in the first panel, there is an increasing tendency towards home country efforts to monitor, regulate or provide a forum for raising grievances regarding the overseas conduct of companies, especially in respect of human rights, labor standards, the environment, and payments to governments. Many efforts have been unilateral, although these efforts can inspire other countries to take similar actions. In the United States, for example, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 requires U.S.-listed extractive industry companies to disclose payments to governments, and creates assessment and reporting requirements for any companies issuing U.S. securities whose products contain conflict minerals from the Democratic Republic of Congo or neighboring countries. Similarly, and in part inspired by the Dodd-Frank requirements, a 2013 EU Directive requires country-by-country and project-based reporting on payments to governments made by extractive industry and logging companies. 3 Regulations of outward investors can also be hostcountry-specific: for example, the U.S. Treasury Department requires U.S. entities investing in Myanmar and meeting certain conditions to submit reports on human rights and environmental policies and procedures, arrangements with security providers and property acquisition, among other things. Aside from regulations focused on specific sectors or specific host governments, home countries also have regulated against specific types of actions, such as bribery. The United States, for example, took an early unilateral step when it passed the Foreign Corrupt Practices Act in 1977, which criminalizes bribery of foreign officials and requires U.S. companies, as well as U.S.-listed foreign companies, to keep transparent and audited books. Many other countries have followed suit. Moreover, some governments, through their judicial systems, have proven willing in certain contexts to provide access to remedies for those who have suffered severe negative consequences of their outward investors conduct beyond their borders. For example, the United States Alien Tort Statute has been interpreted by some federal courts to provide jurisdiction of civil actions by non-u.s. citizens for certain human rights abuses, including by corporate actors, that occur in other countries. 4 Similarly, tort claims against domiciled entities for abuses abroad have been entertained in British and Dutch courts. Advocates for greater disclosure, reporting and regulatory requirements, as well as those seeking broader scope for courts to entertain claims for harms that occurred abroad, contend that such measures help facilitate and ensure accountability in an era in which international activities and corporate forms can create governance gaps. Critics, on the other hand, bemoan the additional administrative burden and compliance costs, the alleged subsequent competitive disadvantage, and the ineffectiveness of non-global measures due to the risk of companies relocating to less-regulated jurisdictions; they also object to intrusive extraterritorial reaching. This panel will explore lessons learned from existing unilateral home country measures, including whether and to what extent home country regulations have been, or are likely to be, effective. This panel considers: - What can we learn from various unilateral home country regulations in terms of compliance, enforceability and the corporate responses to new standards and increased accountability? Have newer initiatives or requirements built on lessons learned from earlier initiatives? 3 In addition, the recently adopted European rules on non-financial reporting will require large companies in all EU member states to disclose information relating to environmental, social and employee-related issues; respect for human rights; and anticorruption and bribery matters. This reporting presumably will encompass information relevant to overseas operations. 4 The U.S. Supreme Court s ruling in Kiobel v. Royal Dutch Petroleum (2013) significantly narrowed the extraterritorial reach of the Alien Tort Statute (ATS), but did not fully preclude cases based on harms that occurred abroad. Aside from the ATS, other types of tort claims based on harms that occurred in other territories have proceeded through U.S. courts, including transitory tort claims. 4

5 - What challenges do home countries face in taking these steps, and how have they been able to overcome them? - What criteria should be used to define whether a company should comply with home country regulations? For example, should the criteria be that the company is domiciled in the home country, that it issues securities in the home country, or more tenuous connections? - Are individual home country measures and initiatives a good first step towards more effective global governance, or are uncoordinated efforts creating an overly complicated and onerous framework for investors and other stakeholders? - What are the modern objections to extraterritorial unilateral regulations or redress mechanisms, and who is raising them? Host countries? Companies? Both? - Are alleged competitive disadvantages or uneven playing fields due to home country regulations real, and, if so, what are the costs of compliance? - Do home country measures incentivize companies to switch domiciles to countries with less onerous requirements? - What are the impacts on and roles of host states and third parties (including communities in host states), neither of which may have any influence in the design of the home country policies? November 13, 2014, Thursday 8:30 9:00 Breakfast 9:00 12:15 Session III: Multilateral home country efforts to monitor or regulate foreign investment Aside from the unilateral home government efforts discussed in the previous panel, governments have also worked to develop multilateral initiatives to monitor or regulate the overseas conduct of companies. Such multilateral initiatives have included legally binding instruments requiring governments to regulate the conduct of their investors abroad, such as the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions. That convention, which was first signed in 1997, has since been adopted by the 34 OECD member countries and six nonmember countries, and requires its state parties to criminalize bribery of foreign public officials in international business transactions. Multilateral efforts to regulate overseas business conduct may also arise in the context of larger multilateral agreements, such as antitrust provisions incorporated into trade agreements. In addition, countries have found non-binding ways to multilaterally promote more responsible overseas investment. For example, the OECD Guidelines for Multinational Enterprises provide recommendations addressed by governments to companies operating from (or in) adhering countries. The recommendations focus on corporate responsibility over issues ranging from human rights to taxation. The guidelines also require adhering governments to establish their own implementation mechanism through National Contact Points, which are meant to promote the guidelines and also serve as grievance mechanisms to resolve issues arising from non-observance of the recommendations. Multilateral initiatives can offer more policy coherence for companies operating in multiple jurisdictions. Depending on their uptake, they also may help combat a potential race to the bottom by companies relocating from jurisdictions with particularly onerous requirements. Yet, as illustrated by failed initiatives such as the UN Code of Conduct on Transnational Corporations, it can be difficult to develop stringent and binding multilateral efforts, slowing the pace of potential home government 5

6 efforts. (This does not always prevent governments from trying, as evidenced by the renewed debate on the development of a legally binding international instrument on business and human rights. 5 ) This panel thus explores: - What are the roles, effects and limits of multilateral initiatives to address the conduct of outward investors? - What benefits do multilateral initiatives hold over unilateral ones, and what are the drawbacks? - Are there particular issues (for example, developmental impact, tax avoidance, payment disclosure, egregious violations of human rights, or severe environmental harms) that are particularly ripe for collaborative efforts? Should certain issues be prioritized? - What lessons can be learned from failed multilateral efforts? What are the factors that have led to multilateral successes? - What positive examples of multilateral cooperation among home country governments can help level the playing field for companies and improve outcomes for other stakeholders? 12:15 14:00 Lunch 14:00 17:15 Session IV: Looking ahead: What needs to be done to ensure more coordinated and effective home country measures to regulate investment for sustainable development? While there are some examples of global, coordinated efforts to formalize the role of home country governments in monitoring and regulating the activities of their outward investors (or other relevant companies) as seen in Panel 3, many other initiatives continue to develop at the national level as observed in Panel 2. Some objectives may require global collaboration because of the disincentives of being a first-mover, such as regulations against tax avoidance. In those areas, however, the lack of coordination, information sharing and collective action continues to thwart global progress to address the major negative externalities of international investment, despite widespread global awareness of the problems. This panel will therefore explore whether, where and how home country measures to regulate and promote responsible investment should be implemented or strengthened, attempting to differentiate among areas and sectors in which (i) individual home country efforts are desirable, (ii) bilateral collaboration is more effective and (iii) global cooperation is optimal. The panel will also consider how home country efforts compare with or could be supplemented by multi-stakeholder attempts to promote responsible outward investment. This panel aims to address: - What are the next steps that home countries should take, unilaterally or multilaterally, to foster investment that promotes sustainable development? - Who should take the lead on global collaborative efforts? - Do voluntary mechanisms help achieve the same goals when binding multilateral agreements are too difficult to reach? - Would some home country measures be more effective if they were multi-stakeholder? Are there multi-stakeholder unilateral or multilateral efforts that serve as particularly useful examples? - What effective roles are there for other stakeholders (host governments, investors, civil society groups or potentially affected communities, for example) in coordinating with or feeding into home country measures? 5 In June 2014, the UN Human Rights Council adopted a resolution to establish a working group with the mandate to develop a legally binding instrument on transnational corporations and human rights, as well as another resolution to review the benefits and limitations of legally binding instruments. For more information, see 6

7 - To the extent that a discussion of specific topics could facilitate more concrete consideration of how to move forward: o For investments in extractive industries or land and agriculture, how can home country measures be leveraged to achieve more sustainable development outcomes for host countries? o Is there a right mix between unilateral and multilateral measures to address tax avoidance or the impact of investments on climate change? 17:15 17:30 Closing remarks 7

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